Updated CMS Lock Policy

May 26, 2020rashtonBulletin

Overview

Effective May 27, 2020 Carrington Mortgage Services, LLC (CMS) will offer a 60-day lock to brokers prior to loan submission when the loan has been registered in BrokerIQ.

Loan Type Available Lock Terms Additional Requirements
All Loan Types 60-Days Loan registered in BrokerIQ
15-Days Loan must be Approved with All Conditions Submitted for final Clear to Close

Lock Extensions:

  • Maximum of up to two extensions
  • Maximum extension period of 15 days in the aggregate
  • Current extension fee charges remain in place (see rate sheet)
  • Free 3 day remains in place (existing policy applies)
  • No additional concessions will be considered for extension fees charged

Contacts

Please contact your Account Executive or Account Manager with any questions.

Carrington thanks you for your business.